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Investing

Gazprom increases 2024 investment programme by 4% to $16.9 billion

Published by Uma Rajagopal

Posted on October 30, 2024

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MOSCOW (Reuters) – Russian energy giant Gazprom said on Tuesday it has increased its 2024 investment programme by around 4% to 1.64 trillion roubles ($16.85 billion) from 1.57 trillion roubles approved last December.

Gazprom said both key gas exports and domestic supplies have been rising, allowing the company to boost estimates for sales proceeds by 6% from its previous forecast to 7.9 trillion roubles this year.

The funds are mainly allocated for the development of gas production centres in the Yamal peninsular as well as in eastern Russia, Gazprom said.

The company, which lost most of its European market share after Russia’s military conflict with Ukraine began in February 2022, is trying to reconfigure exports towards China and Turkey. This requires large-scale financial injections into the construction of gas transport infrastructure.

Gazprom also cited the Power of Siberia pipeline to China, which is due to reach annual capacity of 38 billion cubic metres by the end of this year, and gas processing capabilities as priority projects.

($1 = 97.3455 roubles)

(Reporting by Marina Bobrova and Vladimir Soldatkin; Writing by Maxim Rodionov; Editing by Mark Trevelyan and Susan Fenton)